The National Diversity Coalition’s effort to frame bank deregulation as a boon for minority groups highlights the way that some social justice groups provide cover for a corporate agenda.
I’m new to your reporting and this one pushed me over the edge from interested reader to paid subscriber. Thank you for bringing much needed clarity and honesty to the grift all around us.
In his book on the 1929 stock market crash J K Galbraith wrote that memory is more important than regulations. If only the regulators could remember the regulations. We used to teach that bank failures unassociated with a recession are usually due to fraud on the part of management. What about fraud on the part of diversity activists?
This entire nation has turned into the big grift. And yet somehow, it's substackers scraping out a meager living scribbling against all the grifting that get accused of grifting by the shitlib establishment. Its getting biblical up in this bitch.
More Astro Turf NGOs. Much harm done in the name of “diversity”. Nothing is what it pretends to be. How long before the Koch allies subvert trans rights issues to their own agenda?
SVB and Signature Bank were deemed systemic so the feds could bailout the wealthy who maintained deposit balances beyond the $250k FDIC limitation. Neither bank, nor First Republic is systemically important. None under $250B is.
Bank asset balances grew (hugely inflated) because of Quantitative Enabling (easing). [About 36% of GDP in zero-interest money at one-time. Unprecedented.] Bloated bank balance sheets due to QE does not make them systemically important. Is a Fed Fail.
Fed didn't need them to be systemically important for the Fed to do their job of supervision. That is always the fail - poor supervision, never a lack of regulation. Stress test didn't even test for increased interest rates. Barr is a bozo.
Finally, Federal Reserve agreed to let inflation run hot for an extended period so as to get even the unemployable a job. It was a social justice agenda made all the more important because QE created a gross wealth inequality. Handing out pennies to the poor, while those closest to the printing press received tons of money for a decade plus.
It is all cover for the abject failures of Greenspan / Bernanke / Yellen / Powell.
I am not just grateful for you outstanding journalism, my faith is restored by the number of people that recognize outstanding reporting. There are so many people that swallow what they are told without the depth. Very happy to be a part of your community.
What dreadful decisions from Trump on down. When will people with actual math skills and a firm foundation in economics begin running these institutions? Why have we allowed them to be run by children? With them in charge of the sandbox, we will see more of these failures. Thank you for the report.
"The Federal Reserve last Friday published a sweeping report on the failure of Silicon Valley Bank, tying the meltdown to the push to the 2018 law that exempted the bank from systemically risk designation." Funny how hindsight is 20:20; now if Congress had the balls to pass legislation mandating orange jump suits for the "C" guys when they screw-up and force them to go down with the ship.... we might get somewhere.
Textbook objective reporting we’ll never see in the New York Times--or in Google results.
Great job.
F*ck diversity activists. Have a great day everyone!
This would have been WaPo/NYT front page news 20 years ago.
I’m new to your reporting and this one pushed me over the edge from interested reader to paid subscriber. Thank you for bringing much needed clarity and honesty to the grift all around us.
In his book on the 1929 stock market crash J K Galbraith wrote that memory is more important than regulations. If only the regulators could remember the regulations. We used to teach that bank failures unassociated with a recession are usually due to fraud on the part of management. What about fraud on the part of diversity activists?
This entire nation has turned into the big grift. And yet somehow, it's substackers scraping out a meager living scribbling against all the grifting that get accused of grifting by the shitlib establishment. Its getting biblical up in this bitch.
Another excellent article. Enlightening.
More Astro Turf NGOs. Much harm done in the name of “diversity”. Nothing is what it pretends to be. How long before the Koch allies subvert trans rights issues to their own agenda?
SVB and Signature Bank were deemed systemic so the feds could bailout the wealthy who maintained deposit balances beyond the $250k FDIC limitation. Neither bank, nor First Republic is systemically important. None under $250B is.
Bank asset balances grew (hugely inflated) because of Quantitative Enabling (easing). [About 36% of GDP in zero-interest money at one-time. Unprecedented.] Bloated bank balance sheets due to QE does not make them systemically important. Is a Fed Fail.
Fed didn't need them to be systemically important for the Fed to do their job of supervision. That is always the fail - poor supervision, never a lack of regulation. Stress test didn't even test for increased interest rates. Barr is a bozo.
Finally, Federal Reserve agreed to let inflation run hot for an extended period so as to get even the unemployable a job. It was a social justice agenda made all the more important because QE created a gross wealth inequality. Handing out pennies to the poor, while those closest to the printing press received tons of money for a decade plus.
It is all cover for the abject failures of Greenspan / Bernanke / Yellen / Powell.
Lee Fang
A +++++ reporting!
Amazing excellence in our time - an era of corrupt or at the very least empty minds.
I am not just grateful for you outstanding journalism, my faith is restored by the number of people that recognize outstanding reporting. There are so many people that swallow what they are told without the depth. Very happy to be a part of your community.
I don't need to repeat this:
"Get woke, go broke".
$250,000,000,000, is no joke...
Comments section needs an edit button, BTW ...
What dreadful decisions from Trump on down. When will people with actual math skills and a firm foundation in economics begin running these institutions? Why have we allowed them to be run by children? With them in charge of the sandbox, we will see more of these failures. Thank you for the report.
"The Federal Reserve last Friday published a sweeping report on the failure of Silicon Valley Bank, tying the meltdown to the push to the 2018 law that exempted the bank from systemically risk designation." Funny how hindsight is 20:20; now if Congress had the balls to pass legislation mandating orange jump suits for the "C" guys when they screw-up and force them to go down with the ship.... we might get somewhere.
Thank you.